The race is on for law firms to use AFAs and better align themselves with clients’ short- and long-term goals.
Top legal decision makers identify 70 of the 600 law firms serving large and Fortune 1000 clients as absolutely best at developing and implementing alternative fee arrangements. They point to 7 reasons these firms stand out:
- Partners are Authorized to Agree to an AFA
No waiting for law firm committee meetings or management approvals. These partners can agree quickly. The negotiating partner also knows the parameters the firm will accept and approval is all but assured and swift.
- Certain Comfort
These firms know the ins and outs of successful AFAs. They have enough experience to anticipate the bumps in the road and how to handle – and allow for – the truly unexpected.
- Streamlined Approach
Things just go smoother than other arrangements. Clients see law firms under AFAs as more focused, more decisive, and quicker to communicate.
- Offer It Up First
The skilled firms offer an AFA as an option before clients ask. They’re quick to point out the benefits and take the time to explain how it works. Offering an AFA scores points for being client-focused and proactive – even when clients decline.
- Share the Strategy and Approach with the Fee
The best clients want to know you benefit if they do. Clients want you to work smart and hard – and they see this in the strategy you propose along with your fee.
- Have Tight Project Controls and Share Them with Clients
These law firms don’t go back and ask for fee changes unless there is a substantial change in facts. They use project managers to move matters along and introduce them to clients, explaining their pivotal role in meeting the fixed fee.
Every fixed fee relies on trust. Your clients have to believe you will deliver. You can gain this trust by developing an AFA with a client – but it’s best to walk in the door with a high-trust relationship.
Please join me in congratulating the following 70 firms clients identify as best at AFAs:
BTI AFA Powerhouse Law Firms
|DLA Piper||Ogletree Deakins|
|Jones Day||Reed Smith|
BTI AFA Standout Law Firms
|Arnold & Porter||Littler|
|Day Pitney||Mayer Brown|
|Dentons||McDermott Will & Emery|
|Foley & Lardner||Morgan Lewis|
|Gibson Dunn||Morrison & Foerster|
|Greenberg Traurig||Sheppard Mullin|
|Holland & Knight||Shook, Hardy & Bacon|
|Husch Blackwell||Wheeler Trigg O’Donnell|
BTI AFA Distinguished Law Firms
|Armstrong Teasdale||Lathrop GPM|
|Baker Donelson||Michael Best|
|Bartlit Beck||Nixon Peabody|
|Boies Schiller Flexner||Orrick|
|Bryan Cave Leighton Paisner||Perkins Coie|
|Constangy Brooks, Smith & Prophete||Porzio, Bromberg & Newman|
|Covington||Quarles & Brady|
|Crowell & Moring||Quinn Emanuel Urquhart & Sullivan|
|ElevateNext Law||Squire Patton Boggs|
|Epstein Becker Green||Stinson|
|Eversheds Sutherland||Thompson Hine|
|Haynes and Boone||Troutman Sanders|
|Hinshaw & Culbertson||Tucker Ellis|
|Holland & Hart||Weil|
|Jones Walker||White & Case|
|King & Spalding||WilmerHale|
|Kleinfeld, Kaplan & Becker||Wilson Sonsini|
Clients point to midsize, global, and small firms as best at AFAs – showing the game for small and midsize firms isn’t over yet.
There’s nothing like certainty, a streamlined approach, and savings to make a law firm stand out.
Be well. Be safe.
The MAD Clientist
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